Mortgage Rates Daily Commentary

Mortgage rates inch lower

Last week ended with more rate cuts. HSBC came out with rates at 4.49% (see here).

At the end of the day the ASB group of lenders also made cuts. Their key change is that it has matched the 4.69% which BNZ and Westpac have, but are using it on its one-year fixed rate rather than the two-year term.

Nothing like a challenge for new entrant

One of Australia's niche mortgage bankers has crossed the Tasman to do battle in New Zealand.

Monday, October 8th 2001, 7:39AM

The New Zealand home loan market maybe tough, but that's not stopping new competitors entering the fray.

The latest entrant to the market is Australian-based Challenger Mortgages (not to be confused with Challenger International, the fund management firm which offers a number of funds and portfolio endowment warrants).

New Zealander Rod Wilson heads up Challenger.

He says the firm is a mortgage banker like Resi Home Loans and Cairns Lockie, and it sources funding from Interstar.

He describes the Australian operation as being a niche provider that operates in the New South Wales market.

The firm is still finalising its strategy in New Zealand and has employed former broker Troy Kelleway as a business development manager.

He describes the New Zealand market as being a lot tougher than expected.

Wilson says one of the key features Challenger will offer is personal service.

Challenger's rates will be included in Good Returns' mortgage rates table and daily newsletter.